Senate Bill No. 620

(By Senator Bowman)

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[Introduced February 17, 2003; referred to the Committee on Finance.]

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A BILL to amend and reenact section ten-c, article twenty-two-a, chapter twenty-nine of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to the racetrack video lottery capital reinvestment fund generally; and specifying that the dollar-for-dollar recoupment from capital reinvestment fund applies to certain racetrack and associated facilities owned by a licensee on the thirtieth day of June, two thousand one.

Be it enacted by the Legislature of West Virginia:
That section ten-c, article twenty-two-a, chapter twenty-nine of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
 ARTICLE 22A. RACETRACK VIDEO LOTTERY.
§29-22A-10c. Surcharge; capital reinvestment fund.
(a) For all fiscal years beginning on or after the first day of July, two thousand one, there shall be imposed a surcharge of ten percent against the excess of total net terminal income generated from a licensed racetrack for that fiscal year over total net terminal income from that licensed racetrack for the fiscal year ending the thirtieth day of June, two thousand one.
(b) A capital reinvestment fund is hereby created within the lottery fund. Forty-two percent of the surcharge amount attributable to each racetrack shall be retained by the commission and deposited into a separate capital reinvestment account for that licensed racetrack. For each dollar expended by a licensed racetrack for capital improvements at the racetrack and adjacent or associated facilities owned by the licensee on the thirtieth day of June, two thousand one, having a useful life of fifteen or more years and placed in service after the first day of April, two thousand one, the licensed racetrack shall receive one dollar in recoupment from its capital reinvestment fund account: Provided, That in the case of thoroughbred horse tracks, four cents of every dollar in recoupment shall be spent on capital improvements and upgrading in the barn area or other areas at the track approved by the horsemen's benevolent and protective association acting on behalf of the horsemen: Provided, however, That in the case of greyhound race tracks, four cents of every dollar in recoupment shall be spent on capital improvements and upgrading in the kennel area or other areas at the track approved by the racing commission. If a licensed racetrack's unrecouped capital improvements exceed its capital reinvestment fund account at the end of any fiscal year, the excess improvements may be carried forward to three subsequent fiscal years.
(c) Fifty-eight percent of the surcharge amount plus any moneys remaining in a racetrack's capital reinvestment fund account at the end of any fiscal year shall be deposited in the state excess lottery revenue fund created in section eighteen-a, article twenty-two of this chapter.

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(NOTE: The purpose of this bill is to specify that the dollar-for-dollar recoupment from capital reinvestment fund applies to certain racetrack and associated facilities owned by a licensee on the thirtieth day of June, two thousand one .

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.)
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FINANCE COMMITTEE AMENDMENTS


On page two, section ten-c, line twelve, after the word "facilities" by inserting the words "located in West Virginia";
And,
On page one, by striking out the title and substituting therefor a new title, to read as follows:
Eng. Senate Bill No. 620--A Bill to amend and reenact section ten-c, article twenty-two-a, chapter twenty-nine of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to the racetrack video lottery capital reinvestment fund generally; and specifying that the dollar-for-dollar recoupment from capital reinvestment fund applies to certain racetrack and associated facilities located in West Virginia owned by a licensee on the thirtieth day of June, two thousand one.